Question: You want to borrow $ 1 0 2 , 0 0 0 from your local bank to buy a new sailboat. You can afford to

You want to borrow $102,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,300, but no
more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.
Interest rate
You want to borrow $102,000 from your local bank to buy

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